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Eskom tells investors it doesn’t need to approach govt for help, for now

According to Bloomberg, chief executive officer Andre de Ruyter and chief financial officer Calib Cassim told investors, in a call, that the company needs to raise R89 billion this year.

New CEO Andre de Ruyter at a briefing at Megawatt Park on 31 January 2020. Picture: Bonga Dlulane/EWN

JOHANNESBURG - Eskom has reportedly told investors that it doesn't need to approach government for more support right now, even as a COVID-19-related national shutdown slashes revenue.

According to Bloomberg, chief executive officer Andre de Ruyter and chief financial officer Calib Cassim told investors, in a call, that the company needs to raise R89 billion this year.

It’s understood R56 billion of that will come from an existing state bailout.

In a discussion dominated by investor concerns about cash flow, the executives reportedly said the company could withstand a few more weeks of a lockdown if it is extended.

The plunge in electricity demand due to the mandatory closure of mines and factories has allowed Eskom to boost maintenance to 9,500 megawatts of capacity from 4,000 megawatts.

However, longer-term closures of plants for deeper maintenance will have to wait until the lockdown is lifted.

Eskom has given an assurance that it won't implement load shedding during the national shut down.

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